Newspaper article THE JOURNAL RECORD

Panhandle Reports Loss for Quarter

Newspaper article THE JOURNAL RECORD

Panhandle Reports Loss for Quarter

Article excerpt

OKLAHOMA CITY - Panhandle Oil and Gas reported a net loss for the second fiscal quarter ended March 31 of $7.4 million, or 44 cents per diluted share, compared with net income of $704,207, or 4 cents per diluted share, for the second quarter of the previous fiscal year.

Results for the second fiscal quarter included an $8.1 million non-cash provision for impairment, compared with a $1.2 million provision a year earlier.

Revenue for the second fiscal quarter totaled $7.6 million, down 48 percent from $14.7 million a year earlier. Sales of oil natural gas liquids and natural gas for the quarter totaled $6.1 million, down 51 percent from $12.4 million a year earlier.

Capital expenditures for the second fiscal quarter totaled $1.3 million and continue to be principally directed toward south- central Oklahoma, including the SCOOP and STACK plays. …

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